{"id":13539,"date":"2015-10-19T06:39:16","date_gmt":"2015-10-19T11:39:16","guid":{"rendered":"http:\/\/olduvai.ca\/?p=13539"},"modified":"2015-10-19T06:39:16","modified_gmt":"2015-10-19T11:39:16","slug":"here-comes-the-next-global-recession","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=13539","title":{"rendered":"Here Comes the Next Global Recession"},"content":{"rendered":"<h3><a href=\"http:\/\/www.counterpunch.org\/2015\/10\/19\/here-comes-the-next-global-recession\/\" target=\"_blank\">Here Comes the Next Global Recession<\/a><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-75679 alignnone\" src=\"http:\/\/uziiw38pmyg1ai60732c4011.wpengine.netdna-cdn.com\/wp-content\/dropzone\/2015\/10\/shutterstock_243271804.jpg\" alt=\"shutterstock_243271804\" width=\"500\" height=\"334\" \/><\/p>\n<p>It might seem peculiar to some people to talk about the \u2018next\u2019 global recession, given that it doesn\u2019t feel like we ever really got out of the last one. Eight years on from the global financial crash we find that the global economy is still drowning in debt, and this new era of low economic growth, high unemployment and squeezed wages\/conditions has somehow become normalised.<\/p>\n<p>\u2018Secular stagnation\u2019 is the description\u00a0<i>de jure<\/i>\u00a0of the global capitalist system\u2019s inability to return to another bout of prosperity. But while our old friend\u00a0<i>Boom<\/i>\u00a0departed the stage some time ago, his unruly brother\u00a0<i>Bust<\/i>\u00a0is waiting in the wings, preparing to make an unwelcome return.<\/p>\n<p>Well that\u2019s according to some of the world\u2019s major financial institutions which have been forecasting that 2016 will be the year of the next big global downturn. In the last fortnight the\u00a0<a href=\"http:\/\/money.cnn.com\/2015\/10\/06\/news\/economy\/imf-world-economic-outlook\/index.html\">IMF reduced<\/a>\u00a0its global growth forecast to 3.1%, that\u2019s a mere 0.1% over the threshold of what constitutes recession. While last month\u00a0<a href=\"http:\/\/www.dir.co.jp\/english\/research\/report\/jquarterly\/20150911_010114.html\">Daiwa<\/a>\u00a0\u2013 Japan\u2019s second largest brokerage house \u2013 and\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-09-09\/citigroup-sees-55-risk-of-a-global-recession-made-in-china\">Citibank<\/a>\u00a0both released reports in which they made a global financial meltdown in 2016 their\u00a0<i>baseline<\/i>scenarios! Let that sink in for a minute; they\u2019re not saying a meltdown next year is their worst case scenario, they\u2019re saying it\u2019s their assumed one!<\/p>\n<p>So what could trigger this predicted crash? Well to echo the words of Yogi Bear, \u2018It\u2019s tough to make predictions, especially about the future\u2019. Nevertheless there is general agreement that debt was the trigger for the crash of 2008. Considering that today the global economy is even deeper in the debt mire, it requires no great leap of faith to believe that debt will be central to the coming crisis.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here Comes the Next Global Recession It might seem peculiar to some people to talk about the \u2018next\u2019 global recession, given that it doesn\u2019t feel like we ever really got out of the last one. Eight years on from the global financial crash we find that the global economy is still drowning in debt, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[89,3405,5493,9963,195,240,312,4129,824,1808],"class_list":["post-13539","post","type-post","status-publish","format-standard","hentry","category-economics","tag-boom-and-bust","tag-citibank","tag-counterpunch","tag-daiwa","tag-debt","tag-economic-growth","tag-financial-crisis","tag-global-recession","tag-unemployment","tag-wages"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13539"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13539\/revisions"}],"predecessor-version":[{"id":13540,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13539\/revisions\/13540"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}